On Tuesday 26th, I'm bringing a 10-minute rule bill to Parliament on how our economy can better share profits with all workers rather than a small group of share holders. The idea is for large companies to share 5% of their profits directly with their workers.
My Bill would help to ensure that the lessons from some of Britain's most successful businesses were embedded in every company, ensuring profits and power are shared.
Most people have seen little change in their pay packet over the last decade, whilst income at the very top has soared. Employees at all levels of a business should enjoy fairer rewards from the profits their hard work creates.
Giving employees a greater say and ensuring that everyone has an incentive to drive up profits boosts productivity – where Britain lags far behind other G7 countries – by aligning the interests of all employees. There is growing evidence that more democratic companies such as John Lewis, which operate profit-sharing schemes and has employees on the Board, often outperform their PLC rivals.
In short, we need to champion a shared capitalism which promotes long term business growth and profitability, places more value on the work of all staff, and ensures power isn't just the preserve of the highest paid.